Harvey Gulf bounces back from Chapter 11 bankruptcy
Harvey Gulf International Marine, the New Orleans-based LNG-fueled PSV owner and LNG bunkering pioneer, saw its final plan of reorganization approved by the United States Bankruptcy Court.
The approval, granted by the United States Bankruptcy Court, Southern District of Texas – Houston Division comes just 77 days following Harvey Gulf’s prepackaged filing, considerably faster than all previous Chapter 11 proceedings for vessel operators over the last five years, the company’s statement reads.
Following the hearing, Harvey Gulf CEO, Shane Guidry, said, “My competitors have been telling our customers, lenders and vendors that Harvey Gulf is not going to survive the Chapter 11 process. Not only does our emergence show they were wrong, but the speed with which we have been able to get final court approval also shows the disingenuous nature of their efforts – or smear tactics.”
Guidry adds that this has always been a debt for equity swap, with no changes in operations, personnel, safety.
“It will also be shown by Harvey Gulf continuing to generate more EBITDA post-emergence than all of our public competitors combined, just as we have done since 2016, while delivering to our shareholders an average EBITDA margin of 58 percent during the same time period,” he adds.
The company also revealed in connection with the Chapter 11 bankruptcy proceedings that it recently entered into three long-term vessel charters with Hess for two of its 310’ LNG PSV’s and one of its 300’ PSV that took the place of vessels previously operated by Aries Marine and recently acquired by Hornbeck Offshore.